VIRGILIO SIY v.

COURT OF APPEALS, SERGIO VALDEZ,

AND VIRGINIA VALDEZ,

KEY: dagahanag contracts dmd

FACTS

1. Spouses Valdez are the owners of a house and lot (155 square meters, more or less)
2. They executed a contract of sale with Siy
3. 1st Agreement (DEED OF CONDITIONAL SALE)
a. For 22k Sps. Valdez agreed to sell the property to Siy w/ all improvements
b. The sale was subject to the condition
i. immediately upon the approval of the petitioner's loan with SSS through
the HOME FINANCING SYSTEM, and its payment to the respondents,
the vendor shall execute the deed of absolute sale in favor of the vendee.
4. Since the property in question was mortgaged to the (GSIS), the HFC requested both
parties to execute a Deed of Sale with Assumption of Mortgage which they did,
a. Sps. Valdez sell, transfer, and convey to the petitioner the property for and in
consideration of
the sum of P22,000.00, of which the balance of P15,600.00 payable upon
approval of the petitioners loan with the SSS.

ISSUE

HELD